Divine Law in Islam Research Paper Example | Topics and Well Written Essays - 1500 words

Divine Law in Islam - Research Paper Example Sunni is the largest Muslim sect in the world, accounting for approximately 70% of Muslims worldwide. Sunni has for major schools of Islamic law; Hanafi, Maliki, Shafi’i, and Hanbali (Central Intelligence Agency, 2009), (Pew Research Centre, October 2009). Sunni Islamic law traces its roots back to the late Umayyad period in the second Islamic century. In addition to the role of the Quran and hadith, the geographical variations influenced different doctrines (Ziadeh, 2010). The most widespread school of Sunni law is the Hanafi School, founded by Abu Hanifah and located at Kufa in Iraq. The legal doctrines of Abu Hanifah are relatively more liberal and display a unique sense of respect for personal freedom. He was the first to formulate rules concerning contracts based on the principle of freedom of contract (Ziadeh, 2010). This fact is reflected in the contracts of Salam and Murabahah. The former allows the immediate payment of the price of goods for future delivery, although the contract of sale stipulates the immediate exchange of an object and its price.  The most widespread school of Sunni law is the Hanafi School, founded by Abu Hanifah and located at Kufa in Iraq. The legal doctrines of Abu Hanifah are relatively more liberal and display a unique sense of respect for personal freedom. He was the first to formulate rules concerning contracts based on the principle of freedom of contract (Ziadeh, 2010). This fact is reflected in the contracts of S alam and Murabahah. The former allows the immediate payment of the price of goods for future delivery, although the contract of sale stipulates the immediate exchange of an object and its price; the latter allows a merchant to sell what he had bought at the original price plus a stipulated profit if usury is not involved.